Learn more about how much a workplace injury costs.
Sometimes accidents happen. Despite all your preventative measures, an employee was injured on the job. You want to ensure the well-being of your employee. However, a workplace injury can be expensive. From rising medical costs to lost revenue, there are various components in evaluating how costly a workplace injury is. Often such injuries are expensive. Fortunately, workers’ compensation can help to offset the costs. Check out how much workplace injuries cost so that you’re well informed.
Impact of Injuries on Employers.
According to the United States Department of Labor’s Occupational Safety and Health Administration (OSHA), workplace injury compensation accounts for $1 billion dollars per week. These costs have a huge impact on a business, especially when it comes to small businesses.
Direct & Indirect Costs.
When it comes to the cost of an injury, it’s important to consider that there are both direct and indirect costs. A direct cost is a cost that is directly correlated with the injury such as workers’ compensation or medical bills. An indirect cost is a secondary cost that’s still pertinent to the incident, but not directly related. These types of costs are things such as new employee training and accident investigation. These costs can add up quickly, putting stress on your business.
Tools to Cope with Workplace Injury Costs.
It’s important that your business is prepared for a workplace injury. Ensure that you run the numbers so that you’re better able to prepare. OSHA offers the “$afety Pays” program to assist businesses in determining how an injury will impact company finances.
We at PMC Insurance Group are experts on workers’ compensation and will help you get the right policy so your clients can properly deal with disability claims and employees. To learn more about getting competitive coverage for your small business and construction clients, contact us today.